My Change Scandinavia receives an injunction to cease its operations

My Change is a registered currency exchanger pursuant to section 2 of the Certain Financial Operations (Reporting Duty) Act (1996:1006).

Finansinspektionen has investigated the firm's compliance with the Anti-Money Laundering and Counter-Terrorist Financing Act (2017:630) (the Anti-Money Laundering Act). The review covered the firm's general risk assessment and risk assessment of customers, as well as its customer due diligence procedures, guidelines, and measures. The investigation identified severe, repeated and systematic violations within all of these areas.

My Change has not introduced any meaningful measures to fulfil the requirements of the Anti-Money Laundering Act or to mitigate the risk of money laundering and terrorist financing in its operations. The firm has had insufficient policy documents in the form of deficient procedures and guidelines and completely lacked a general risk assessment. It has also not assessed its customers' risk profiles or taken sufficient customer due diligence measures for any of the transactions that Finansinspektionen reviewed.

Finansinspektionen makes the assessment that there is a high risk that My Change can be used by criminals for money laundering or terrorist financing. Due to the extensive and severe deficiencies, FI has decided to issue an injunction to My Change to immediately cease its currency exchange operations.